Normally 30 days after the filing deadline of 31 January, on 3 March a late payment penalty of 5% is levied if you have not settled your tax liability in full by this date.
Due to the coronavirus pandemic the date of the late payment penalty is to be extended to 1 April 2021. Meaning that you have until this date to settle your outstanding tax or set up a payment plan with HMRC.
Interest will still be charged in the usual way from 1 February 2021 on any outstanding balances.
If you are struggling to pay your tax then please give your contact partner a call to discuss the options available to you. Remember, if you owe less than £30,000 you are able to set up an instalment plan easily online, please visit https://www.gov.uk/pay-self-assessment-tax-bill/pay-in-instalments
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